Variable Costing: Method, Formula & Advantages Video

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What is variable costing?

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1. When production increases, what typically happens to variable costs?

2. To what products or services can variable costs apply?

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About This Quiz & Worksheet

The variable costing method is an important concept in finance and accounting, and this quiz/worksheet will help you test your understanding of its application and definition.

Quiz & Worksheet Goals

In these assessments you'll be tested on several aspects of variable costing, including:

  • Why variable costing is used
  • The advantages of variable costing
  • The applications of variable costs
  • The effects of production on variable costs
  • The definition of variable costing

Skills Practiced

This quiz and worksheet allow students to test the following skills:

  • Defining key concepts - ensure that you can accurately define variable costing
  • Reading comprehension - ensure that you draw the most important information from the lesson on the applications of variable costing
  • Information recall - access the knowledge you've gained regarding the advantages of variable costing as well as the effects of production on variable costing

Additional Learning

To learn more about the use of variable costing, review the accompanying lesson titled Variable Costing: Method, Formula & Advantages. This lesson covers the following objectives:

  • Define variable costing
  • Familiarize yourself with examples of variable cost
  • Familiarize yourself with the calculation of variable cost
  • Understand the advantage of variable cost
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